Despite the naira’s continued fall, certain emerging market’s (EM) currencies have outperformed the US dollar in recent times, even as global concerns have risen.
For nearly 49 years, the Nigerian currency has been steadily declining. Although Naira’s freefall of last year appears to have ended, a look back in time reveals that we should be cautious.
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Since 1973, the Nigerian currency has declined by 10.6% per year, according to data assessed by the International Monetary Fund. This was shown in the study “Nigeria: Selected Issues Paper.”
However, it seems like the trend isn’t going away the Naira fell by N23 in the first quarter of 2022. Nonetheless, other emerging economies have gained against tough odds gained massively against the Naira.